Has the Corrib gas field reduced prices?
Even with the Corrib gas field in production we will continue to import gas from Britain and the wholesale gas price in Ireland will continue to reflect the marginal cost of these top-up supplies. The expectation is that Corrib will have little effect on prices 1.
Corrib has the potential to meet 56% of the forecasted annual demand in its first full year of production and is anticipated to supply approximately 38% of Ireland’s peak gas demand in 2015/16. Being a relatively small field this is set to decline over a ten-year period 2(Fig. 4).